July 12, 2018 / 5:31 AM / 2 months ago

METALS-Copper picks up from near 1-year low; nickel surges

 (Adds Shanghai closing prices, updates London prices)
    MELBOURNE/BEIJING, July 12 (Reuters) - London copper
shrugged off an early dip to trade higher on Thursday, while
nickel jumped as much as 3.8 percent as base metals staged a
fragile recovery from the recent trade war-driven sell-off.
    Heavy losses in the previous session had pushed London Metal
Exchange (LME) copper to its weakest in an almost a year as
trade tensions between the United States and China undermined
confidence in demand for metals. 
    "For now, prices have corrected as they take their lead from
the global equity markets that have rallied off their lows but
the metals volumes are thin," Malcolm Freeman, CEO of Kingdom
Futures, wrote in a note.
    The bounce "appears to be no more than a correction ... with
the possibility of more falls being ever present," he cautioned.
   
    
    FUNDAMENTALS
    * LME COPPER: Three-month LME copper was up 0.8
percent at $6,194.50 a tonne, as of 0711 GMT, following steep
losses in the previous session when prices hit $6,081 a tonne,
the weakest since July 25, 2017. 
    * SHFE COPPER: Shanghai Futures Exchange copper
closed up 1.3 percent at 49,000 yuan ($7,341.15) a tonne, above
a one-year low of 48,390 yuan a tonne struck on Wednesday. 
    * NICKEL: Nickel was the biggest gainer in the base metals
complex, climbing as much as 3.8 percent to $14,410 a tonne in
London, its highest in a week, while Shanghai nickel
 closed 3.6 percent higher.
    * TRADE: China accused the United States of bullying and
warned it would hit back after the Trump administration raised
the stakes in their trade dispute, threatening 10 percent
tariffs on $200 billion of Chinese goods in a move that rattled
global markets.
    * FREEPORT: The Indonesian government is expected on
Thursday to announce the details of a deal to acquire a majority
stake in the local unit of U.S. copper miner Freeport McMoRan
Inc, a source with knowledge of the matter said. 

    * GLENCORE: Glencore Plc faces at least two
lawsuits by U.S. shareholders accusing the big Anglo-Swiss
mining company of having made false and misleading disclosures
before it received a subpoena in a corruption probe, and its
stock tumbled.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Stocks and commodities recovered slightly on Thursday as
markets tried to consolidate from the previous session's steep
losses when fears of an escalation in the U.S.-China trade war
jolted investor sentiment.
    
    PRICES
 BASE METALS PRICES                       0711 GMT
 Three month LME copper                   6,194.50
 Most active ShFE copper                     49000
 Three month LME aluminium                    2062
 Most active ShFE aluminium                  14125
 Three month LME zinc                         2548
 Most active ShFE zinc                       21120
 Three month LME lead                      2190.50
 Most active ShFE lead                       19070
 Three month LME nickel                      14250
 Most active ShFE nickel                    114000
 Three month LME tin                         19435
 Most active ShFE tin                       144090
                                                  
                                                  
 LME/SHFE COPPER              LMESHFCUc3    706.21
 LME/SHFE ALUMINIUM           LMESHFALc3  -1922.20
                                          
 LME/SHFE ZINC                LMESHFZNc3    666.09
 LME/SHFE LEAD                LMESHFPBc3    452.78
 
($1 = 6.6747 Chinese yuan)

    
 (Reporting by Melanie Burton and Tom Daly; Editing by Richard
Pullin and Sherry Jacob-Phillips)
  
 
 
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